Roche increases its bid for Genentech

BASEL, Switzerland Swiss drug maker Roche has increased the amount it's willing to pay for its long-standing bid to acquire biotech company Genentech.

Roche announced Saturday that it would pay $93 a share for the South San Francisco, Calif.-based company. It already owns almost 56% of Genentech.

“Based on our conversations with Genentech shareholders, we believe that there is a strong sentiment to bring this process to a conclusion,” Roche Group chairman Franz Humer said in a statement. “As a result, we are increasing our price to $93 per share to maximize shareholder participation and will proceed quickly to complete all necessary financing.”

Roche originally offered to buy the company in July and mounted a hostile takeover bid in January.